Economics

India's ONGC to keep buying Russian oil if prices economical

Indian explorer Oil and Natural Gas Corporation said its refining units will continue to buy Russian oil if available at economical prices.

Europe distillates-diesel profit margins hold steady

Universal Fuel Technologies’ SAF accepted into ASTM Clearinghouse for qualification

Universal Fuel Technologies' ethanol-to-jet sustainable aviation fuel produced via the company’s Flexiforming technology has been accepted into the ASTM D4054 Clearinghouse, which supports the technical evaluation of new aviation fuels, for qualification.

India's ONGC plans to set up trading unit for crude, refined fuels for group firms

India's state-run Oil and Natural Gas Corp (ONGC) is planning to set up a trading unit for the crude and refined fuels of its group companies, a top executive at ONGC Videsh said.

China's carbon market to introduce absolute emissions caps from 2027

China will tighten its carbon trading market by introducing absolute emissions caps in some industries for the first time starting by 2027, China's cabinet said.

ExxonMobil sees global natural gas demand surging in outlook to 2050

Global demand for natural gas will rise more than 20% by 2050 from last year's level, as it displaces coal to power industries and meet higher electricity use in developing countries, ExxonMobil said in an annual outlook.

Trump tariffs force much-needed petrochemicals contraction

U.S. President Donald Trump's trade wars are nudging the global plastics industry toward a painful but necessary restructuring to address acute overcapacity that has kept the industry’s profits in a prolonged slump.

Canada's Alberta eyes investment in Japan's refining to boost oil exports

Canada's main oil-producing province of Alberta is considering a financial investment in Japan's refining sector, an attempt to reduce its overwhelming dependence on top trade partner the U.S. for oil exports.

U.S. EPA approves biofuel waivers for small refiners, stirring concerns over demand

The U.S. Environmental Protection Agency approved most of its backlog of requests by small oil refineries for biofuel law exemptions, raising concerns among biofuels advocates over a potential hit to demand.

China's Sinochem to sell two bankrupt refineries to local operators

The acquisitions, which come during a consolidation of the world's largest refining base, would see the new owners step up crude imports and resume operations at the troubled plants, lifting oil purchases at the world's top importer.